Biden suggests GOP would ignore 'Putin’s iron fist in Europe' for lower gas prices

President Joe Biden attempted again to high gas prices to Vladimir Putin when he asked Congress to pass a federal gas tax holiday on Wednesday, hinting that Republican lawmakers hounding him about gas prices were being soft on the Russian leader.

"So for all those Republican congressmen criticizing me today for high gas prices in America, are you now saying we were wrong to support Ukraine? Are you saying we were wrong to stand up to Putin?" Biden asked at his White House press conference.

"Are you saying that we would rather have lower gas prices in America and Putin’s iron fist in Europe? I don’t believe that."

Biden: "For all Republicans criticizing me for high gas prices in America, are you now saying we were wrong to support Ukraine and stand up to Putin? Are you saying that we'd rather have lower gas prices in America than Putin's iron fist in Europe?" pic.twitter.com/Z7U8YIFgnM

— Greg Price (@greg_price11) June 22, 2022

Biden said that “the free world had no choice” but to step in and support Ukraine against Putin’s invasion.

“America could not stand by and the West could not have stood by, although some suggested at the time, and just watch Putin’s tanks roll in Ukraine and seize a sovereign country,” Biden said.

Just before, the president called on Congress to suspend the federal gas tax for the next 90 days and states to suspend their own.

The federal government currently charges 18 cents in taxes per gallon and 24 cents per gallon of diesel, according to the White House.

"I call on the companies to pass this along—every penny of this 18-cent reduction to the consumers," Biden said.

"This is—there is no time now for profiteering."

But Harvard economics professor Jason Furman said on Twitter Tuesday that this was unlikely because production has not increased.

“Refineries are even more constrained now so supply is nearly fully inelastic. Most of the 18.4 cent reduction would be pocketed by industry--with maybe a few cents passed on to consumers,” tweeted Furman, who served as Council of Economic Advisors chair under former President Barack Obama.

Whatever you thought of the merits of a gas tax holiday in February it is a worse idea now. Refineries are even more constrained now so supply is nearly fully inelastic. Most of the 18.4 cent reduction would be pocketed by industry--with maybe a few cents passed on to consumers.

— Jason Furman (@jasonfurman) June 21, 2022

Biden’s proposed federal gas tax holiday has lukewarm support from Democratic leaders in Congress, notes the Washington Examiner.